The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Michael W. Covelamazon.com
The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
You can’t have a standard attitude about money and do well in this business. What do I mean by that? Well, my father, for instance, worked for the city of Chicago for 30 years, and he once had a job shoveling coal. So, just imagine coming from his frame of reference, and thinking about losing $50 in a few seconds trading commodities. To him, that m
... See moreMichael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
This is the story of how a group of ragtag students, many with no Wall Street experience, were trained to be millionaire traders.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Self-discipline meant doing nothing until the time came to do something.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Dennis and Eckhardt were adamant that their students consider themselves scientists first and traders second—a testament to their belief in doing the “right thing.”
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Turtles had to be able to answer these questions at all times: What is the state of the market? What is the volatility of the market? What is the equity being traded? What is the system or the trading orientation? What is the risk aversion of the trader or client?
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
tried to be like the house in the casino. It wasn’t that novel.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
“The reason we all needed to stay together, especially in the beginning, was we literally made all our money in a normal year in about a three-week period. The rest of the year, most people were down minus 30 percent.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
Still, the biggest problem with a story like this is that most people don’t want to actually understand how the real pros make big money. They want the road to riches to be effortless.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
How to handle profits properly is a separation point between winners and losers. Great traders adjust their trading to the money they have at any one time.